CB&I formally acquires US engineering major Shaw

CB&I had said that combining the two companies would create "one of the most complete engineering, procurement, fabrication, construction, maintenance, and associated services companies in the world". CB&I plans to operate Shaw as a business sector under the brand name CB&I Shaw.

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CB&I
has completed its acquisition of US-based engineering
company The Shaw Group, the companies said on Wednesday.

The deal was first announced in July 2012, and CB&I and Shaw
shareholders overwhelmingly approved the transaction in
December 2012.

We are extremely pleased that the transaction to
acquire Shaw is officially complete and we thank the
shareholders for their support, said Philip K. Asherman,
CEO of CB&I.

With the close of the transaction, CB&I is the most
complete energy infrastructure focused company in the world.
Through our now 50,000 talented employees, we have the
capabilities and the expertise to provide our clients with a
world of solutions, and a tremendous strategic advantage in
responding to the growing demand for energy infrastructure
around the globe.

Reports have valued the overall deal at approximately $3
billion.

CB&I had said that combining the two companies would
create one of the most complete engineering, procurement,
fabrication, construction, maintenance, and associated services
companies in the world.

CB&I plans to operate Shaw as a business sector under the
brand name CB&I Shaw, the company said, enabling the new
company to retain Shaws brand equity, particularly in the
power industry.

Headquarters functions at The Shaw Group's former
offices in Baton Rouge, Louisiana, have shifted to The
Woodlands, Texas, where CB&I is based.

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